The bankruptcy trustee for Montreal Maine & Atlantic Railway Ltd said that a recent reorganization plan \u2014 filed by families of people who died when one of the company’s trains derailed and exploded \u2014 is \u201cnot a serious plan.\u201d<\/p>\n
Robert J. Keach, the trustee, said that the plan, filed in U.S. Bankruptcy Court in Bangor, Maine on January 29, \u201cwill go nowhere\u201d and is \u201cfacially non-confirmable,\u201d according to Bloomberg News. <\/p>\n
A group of wrongful-death claimants submitted the plan, which would allocate 75 percent of $25 million in insurance to the families of people who died in the July accident in Lac-Megantic, Quebec. Claimants seeking compensation for property damaged in the derailment and subsequent fire would receive the other 25 percent.<\/p>\n
Keach said that the plan relies on the assumption that insurance proceeds, a Canadian asset, could be transferred to the United States. An attorney for the official victims’ committee said that proceeds from (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The bankruptcy trustee for Montreal Maine & Atlantic Railway Ltd said that a recent reorganization plan \u2014 filed by families of people who died when one of the company’s trains derailed and exploded \u2014 is \u201cnot a serious plan.\u201d Robert…<\/span><\/p>\n